Rhumbline Advisers Grows Holdings in ChannelAdvisor Corp (ECOM)
Rhumbline Advisers grew its position in shares of ChannelAdvisor Corp (NYSE:ECOM) by 40.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,176 shares of the software maker’s stock after purchasing an additional 9,262 shares during the period. Rhumbline Advisers owned approximately 0.12% of ChannelAdvisor worth $452,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Engineers Gate Manager LP acquired a new position in ChannelAdvisor during the second quarter worth $166,000. Russell Investments Group Ltd. lifted its stake in ChannelAdvisor by 113.5% during the first quarter. Russell Investments Group Ltd. now owns 12,990 shares of the software maker’s stock worth $118,000 after purchasing an additional 6,905 shares in the last quarter. EAM Investors LLC purchased a new stake in shares of ChannelAdvisor during the second quarter worth $738,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of ChannelAdvisor by 13.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 69,346 shares of the software maker’s stock worth $974,000 after acquiring an additional 8,325 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of ChannelAdvisor during the second quarter worth $1,199,000. Institutional investors own 73.12% of the company’s stock.
A number of analysts have recently weighed in on ECOM shares. First Analysis set a $17.00 price objective on ChannelAdvisor and gave the stock a “buy” rating in a research report on Wednesday, June 13th. B. Riley started coverage on ChannelAdvisor in a research report on Tuesday, June 26th. They set a “buy” rating and a $17.50 price objective on the stock. Zacks Investment Research lowered ChannelAdvisor from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th. Needham & Company LLC upped their price objective on ChannelAdvisor from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, August 10th. Finally, ValuEngine lowered ChannelAdvisor from a “buy” rating to a “hold” rating in a research report on Thursday, August 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. ChannelAdvisor presently has a consensus rating of “Buy” and a consensus target price of $15.86.
ChannelAdvisor (NYSE:ECOM) last posted its quarterly earnings data on Thursday, August 9th. The software maker reported ($0.10) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.10). The business had revenue of $32.66 million for the quarter, compared to analyst estimates of $31.46 million. ChannelAdvisor had a negative return on equity of 12.48% and a negative net margin of 8.13%. The company’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) earnings per share. analysts forecast that ChannelAdvisor Corp will post -0.34 earnings per share for the current fiscal year.
In related news, insider M Scot Wingo sold 47,692 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $13.02, for a total value of $620,949.84. Following the transaction, the insider now owns 710,502 shares of the company’s stock, valued at $9,250,736.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.80% of the company’s stock.
ChannelAdvisor Corporation provides software-as-a-service solutions in the United States and internationally. Its e-commerce cloud platform helps retailers and branded manufacturers to improve their online performance by expanding sales channels, connecting with consumers around the world, optimizing their operations for peak performance, and providing actionable analytics to improve competitiveness.
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